Mortgage applications were up 0.3 percent last week compared to the previous week on both a seasonally adjusted basis and on an unadjusted basis, according to the Mortgage Bankers Association weekly survey.
The increase was in refinances, which rose 0.9 percent. As a share of mortgage activity, refinances hit 74.4 percent, the highest refinance share since April 24.
The purchase index decreased 0.1 percent on an adjusted basis and declined 3.6 percent on an unadjusted basis. It was 15.4 percent lower than it was the same week last year.
Some mortgage rates were higher last week compared to the previous week:
- 30-year fixed-rate mortgages increased to 4.92 percent from 4.88 percent.
- 15-year fixed-rate mortgages remained flat at 4.33 percent.
- 1-year ARMs decreased to 6.52 percent from 6.55 percent.